Converted Organics secures regulatory green light on recycling plant project
Converted Organics Inc. (Nasdaq: COIN), a maker of fertilizer produced from recycled food wastes, this morning announced that it has received the necessary permission from the New Jersey Department of Environmental Protection to enter the final phase of work on its first recycling plant in Woodbridge, New Jersey.
“We remain on track to start operations on schedule early next year,” CEO Edward Gildea said in a press release. “Once this phase is finished, the building will be ready for our equipment to be installed and turned on, and we expect to receive the appropriate permits for that in a timely fashion.”
At full capacity, the company said the plant will be able to process 500 tons of food waste per day. The facility will generate sales from dumping fees normally collected by landfills and from fertilizer sales, the firm said.
In midday trading, shares of the small cap are down 5.59%, or $0.17, at $2.79. Over the last 52 weeks, shares have ranged from $2.70 to $4.20.
